Impecunious and humble commentator on global financial issues. Deeply and irrevocably commited to City of London.

MARKET UPDATE

It is 3.24pm. To use the vernacular, the markets have had a bit of a dump. The weak Dollar/Strong Sterling plus the added irritation of a slightly downbeat growth adjustment from the IMF have put the FTSE 100 slightly to the sword – down 89 points at 7365 – the day’s low. Dollar related earning stocks have taken a bit of a larruping – the likes of BATS. IMPS, Diageo, Unilever, Sky, Reckitt Benckiser are all down circa 1.5%. Oils have been on the back foot – BP -1.5% and RD Shell -1%. Miners have been mixed – Glencore OK, but BHP Billiton -1%. Drugs are down by an average of 1.25%. Banks are a little easier but nothing too serious.

Of those companies that have reported today – Ryanair -2.3% (easyJet as a comparison 3.2% lighter, Imagination up 6.1%, Cranswick up 2.4%%, Tungsten -6.2%, Eland oil up 1.8%. The Street of Dreams is currently down 60 points.